By Our Correspondent

Ahead of 2026 budget presentation by President Bola Ahmed Tinubu to National Assembly,Senate Monday through its committee on Finance , expressed displeasure with multiple budgets implementation in a fiscal year by the federal government as experienced in 2025 .

It consequently tasked the Federal Inland Revenue Service ( FIRS) , to increase its projected revenue target for 2026 from N31trillion to N35trillion even as the federal government lamented shortfalls of N30trillion from N40trillion revenue target for 2025 .

Displeasure of Senators on multiple budgets implementations in a fiscal year , came to the fore during interactive session the Finance Committee , Chaired by Senator Sani Musa ( Niger East), had with leading Managers of the Nation’s economy on the 2026 – 2028 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paoer ( FSP) .

The Minister of Finance and Coordinating Minister of the Economy , Wale Edun , had in his contextual explanations on projections for 2026 budget and implementation of the 2024 and 2025 budgets , informed the committee that while revenues for 2024 budget have been met, that of 2025 have not been met .

” Funding for the capital components of the 2024 budget have been met through realization of the total projection of N26trillion revenue but that of 2025 have not been met .

” Out of projected N40trillion revenue for 2025 fiscal year , only N10trillion have been realized, leaving a shortfall of N30trillion and consequently , making the federal government roll over 70% of capital projects captured in 2025 fiscal year to 2026 “, he said .

Worried by the submission , some members of the committee like Senators Danjuma Goje ( Gombe Central ) , Olalere Oyewumi ( Osun West) , Victor Umeh ( Anambra Central ) , Aminu Iya Abbas ( Adamawa Central ) etc , expressed displeasure with multiple budget implementations in a fiscal year .

Specifically , Senator Goje in his remarks said the practice of implementing multiple budgets in a single year is unacceptable to Nigerians .

” This ugly situation we found ourselves on multiple budget implementations should please end by this year . It is not acceptable. Things must be normalized from next year “, he said .

Senator Oyelere in his comment told the Minister that since budgetary proposals were not given to the government by the governed , government should please present realizable proposals to avoid non – implementations which usually dove tailed into multiple implementations in subsequent years .

Senator Victor Umeh and Ireti Kingibe in their remarks , wondered why the federal government did not fill the missing gaps in revenue targets , with borrowings approved for it from time to time by the Senate and by extension, the National Assembly .

Senator Sani Musa in his capacity as Chairman, however came to the rescue of the Minister by assuring his colleagues and by extension, Nigerians that the required normalization in budget projections and implementation shall be done from 2026 .

He added that 3 – man ad – hoc committee shall be set up by the committee to laise with the Minister and the Accountant – General of the Federation on payment of local contractors for projects executed in 2024 before expiration of the budget on 31st of this month.

For FIRS , Senator Sani Musa tasked its Chairman, Zacch Adedeji , to work towards realizing N35trillion as target revenue for 2026 fiscal year and not the earlier projected N31trillion mentioned by the Chairman.

The FIRS boss had in making the projection said the agency under him, realized N20.2trillion revenue in 2024 and N25.2trillion in 2025 .

He however said that the huge revenue being realized by FIRS and other agencies like Customs , are being swallowed and made insufficient by multiple budget implementations in a fiscal year.

The Minister of Budget and Economic Planning , Senator Atiku Bagudu and Minister of State ( Petroleum ) , Senator Heineken Lokpobiri in their submissions , defended the parameters set for the N54. 4trillion 2026 budget .

The parameters are 1.84million oil production per day , $64.85 oil price benchmark , N1, 512.00 to 1USD as exchange rate etc .

By David Owei, Bayelsa

Chief Executive and Accounting Officer of the Provisionary Committee for the proposed Nigerian Coast Guard (PC-NCG), Captain Noah Ichaba says the establishment of Coast Guard as Maritime Law Enforcement Agency will enhance the country’s maritime security, prevent global embarrassment, and facilitate intelligence sharing with the international Coast Guard Network, ultimately contributing to the growth of Nigeria’s blue economy.

Captain Ichaba, in a statement issued on Saturday and endorsed by his Director of Communications & Public Affairs, Dr. Piriye Kiyaramo, noted that the Provisionary Committee of the proposed Nigerian Coast Guard is genuinely concerned with the US Coast Guard’s interception and seizure of a vessel on 10th December 2025, owned by a Nigerian-Registered Company, reportedly involved in Crude Oil Theft, Illicit Drug, Piracy, Money Laundering, flying Guyana’s flag and for other Transnational crimes.

“Without doubt, the afore stated offense has serious implications on Nigeria’s honour, as the crime involves treasonable felony, challenge of national sovereignty, threat to national security, crossing of legal and political red lines, and evoking an alarm among self-governing authorities.

“The sad effect of the reported ignominy is that; it has entered Nigeria in world record as a State that is well-known for bad doings. Such reference comes with incalculable damage and yet to be fathomed consequences as well as exacerbated diplomacy.

“The most unfortunate and sad pain is that, the above infamy was a preventable one if Coast Guard had been established before that scandalous incident, whether the vessel assailed from Nigeria’s jurisdiction or outside it.

It is pertinent to inform concerned authorities that the lashing travails and endoscopy bleeding that Nigeria’s Maritime Business Domain and name is suffering on the world stage, is majorly due to the absence of an autonomous Coast Guard Agency in Nigeria, which should have carried out its crucial duties of enforcing maritime law, of securing the Open Maritime Commercial Activities, Transactions, Engagements and of performing other critical functions, services and protocols.

“This pitiable situation which Nigeria finds herself in, as a Maritime Nation, calls for proportionate sympathy and patriotic redemptive action. Without that, Nigeria will face more of such national disgrace and international embarrassing undertakings, and will further indicate that the country’s efforts at growing Nigeria’s economy in a faster, better and steady manner will remain a mirage.

“This, incident therefore, calls for taking appropriate, adequate and timely action on creating Coast Guard; so as to place Nigeria at per with other maritime nations of the world in line with global best practices and desired international prestige as well as to deter public shame or disgrace.

“The establishment of the Nigerian Coast Guard is expected to have several benefits for the country. It’ll enhance maritime security by providing a dedicated agency to patrol and protect Nigeria’s waters, preventing illegal activities like piracy, smuggling, and oil theft.

“It will also bring Nigeria in line with global best practices, facilitating intelligence sharing and cooperation with international Coast Guard networks. This cooperation can help prevent global embarrassment, like incidents involving Nigerian waters or vessels, and promote a positive image of Nigeria’s maritime sector.

“A secure maritime environment can also drive growth in Nigeria’s blue economy by encouraging investment, promoting sustainable use of marine resources, and boosting trade. This can create jobs and stimulate economic development.

“To close that gap of misery, a remarkable action, in the best interest of the nation is to create Coast Guard without further delay, for it is the only truly recognized Maritime Law Enforcement Agency with the right occupational duty, organizational name and appropriate career nomenclature

“Another crushing pain in the whole matter is that, as long as Nigeria is involved and continue in maritime business without establishing Coast Guard which is one of the globally required Pillars of Maritime Business, Nigeria will continue to be at the mercy of Ardent Traitors, International Maritime Organization, Association of International Coastguard Network and such other related Bodies as well as Member States that has established Coast Guard in their respective countries.

“Agree or disagree, bilateral and multilateral diplomacy at those levels will be to Nigeria’s disadvantage. The antidote to this painful reality and succinct scenario is to establish Coast Guard without further delay, inaction or improper decision.

“Relevant Authorities are respectfully invited to kindly take into account the fact that time is of the essence, and history does not spare anyone because it has no regard for any person’s worth, weight and wiggle. The continued absence of Coast Guard from the working environment of Nigeria’s Maritime Community will continue to invite the world to jeer at Nigeria, in a more mocking manner, which they will leverage on.

“The interception and seizure of a Nigerian VLCC is indeed a stain on the country’s integrity and a matter of grave concern. Such incidents undermine Nigeria’s reputation as a reliable partner in the global maritime community and can have far-reaching economic implications.The incident highlights the need for robust maritime security measures to prevent such occurrences and protect Nigeria’s mariti

“The incident also raises questions about the effectiveness of Nigeria’s maritime security agencies and the need for improved coordination and collaboration to prevent and respond to such incidents,” the statement reads in part.

By Our Correspondent

As part of efforts to boost the nation’s revenue earning,Nigerian Upstream Petroleum Regulatory Commission (NUPRC) ,
Chief Executive, Engr. Gbenga has said the issuance of the Permit to Access Flare Gas (PAFG) under the 2022 NGFCP signifies the transition from legacy challenges to market-driven solutions that unlock economic opportunities, strengthen energy security, reduce emissions and improve operational efficiency across the industry.

Speaking as the NUPRC issued Permits to Access Flare Gas to 28 successful awardees under the Nigerian Gas Flare Commercialisation Programme (NGFCP), the CCE said the move marks a pivotal shift from environmental liability to economic opportunity in Nigeria’s upstream petroleum sector.

In particular, the Commission awarded the permits to the winners at the official ceremony titled “Permit to Access Flare Gas Issuance” held on Friday, December 12, 2025, in Abuja.

The successful awardees are: Ace Energy Limited; Afagaf Company Limited; AGH Lero; Almina Resources Limited; Amazon Energy Limited; AUT Energy; Beluga Asiko; Bodej Investment Limited; Cainergy Limited; Cimcmonobuo Nigeria Limited; Dawcon Consortium; Dawnwatch Limited; Fargab Limited; Folstaj International Limited; Geospectra Energy Limited; Izzi Project Limited; and MMLet Energy Limited.

Others are: MSN Consortium; Newgaz Integrated Services Limited; NG Lyon Construction Limited; Oaks Cluster Energy; Seal Energy Limited; Tecnis EPS International Limited; Teobell International; Terms Energies; Zipora Gas; and Stelog Gas Company Limited.

The permit issuance marks a major milestone in NUPRC’s quest to utilise flare gas and move Nigeria towards achieving its net-zero target.

Engr. Komolafe stated that the permit aligns with the Presidential ambition and Nigeria’s carbon-reduction goals. He said the Commission is “pleased to announce that 28 awardees have fully executed the required suite of commercial agreements, which include the Connection Agreements, Milestone Development Agreements, and Gas Sales Agreements; and now qualify to receive the Permit to Access Flare Gas.

“These entities represent a strong blend of operational capability, financial readiness, and technological competence. To all our flare site awardees soon to become Permit Holders, I offer warm congratulations,” the CCE said.

He added that the award aligns with the vision of President Bola Ahmed Tinubu for the country to harness hydrocarbon resources, as reflected in the Executive Orders issued in 2024.

“Allow me to express deep appreciation to His Excellency, President Bola Ahmed Tinubu, GCFR. His reform-driven leadership and commitment to enabling the petroleum sector continues to shape the strategic direction of our work at NUPRC. The Presidential Executive Orders on NAG fiscal incentives and tax rebates, local content directives and cost efficiency demonstrate his emphasis on investment competitiveness for the sector,” he noted.

He explained that the NGFCP was redesigned after the enactment of the Petroleum Industry Act (PIA) and refined for transparency, commercial viability, and global competitiveness.

“From 300 initial expressions of interest, 139 applicants qualified for the RFP stage. Following a competitive and transparent evaluation process, 42 successful bidders were awarded 49 flare sites, an achievement widely recognized for its integrity and rigour,” the NUPRC boss said.

On the benefits of the award, Engr. Komolafe said the programme is expected to reduce carbon dioxide by six million tonnes yearly, attract US$2 billion in investments, and create over 100,000 jobs.

The NUPRC boss stated: “A total of 49 flare sites have been auctioned. Forty-two (42) bidders have been awarded the sites. Between 250 and 300 mmscfd of currently flared gas will be captured and commercialised, eliminating approximately six (6) million tonnes of carbon dioxide (CO₂) annually.

“The programme is expected to attract up to US$2 billion in investment. More than 100,000 direct and indirect jobs will be created. About one hundred and seventy thousand (170,000) metric tons of LPG will be produced annually, enabling clean energy access for approximately 1.4 million households. And nearly 3GW (gigawatts) of power generation potential will be unlocked.”

He disclosed that an NGFCP Forum and College of Awardees has been established to support project implementation and knowledge exchange.

He also revealed that the NUPRC has deepened engagement with international financiers and technology partners.

The CCE said it is important to note that although the issuance of this permit is significant, it only signals the start of the implementation phase.

He noted that while the competitive bid process may now be complete, the real work has just begun.

“Engineering, construction, financing, commissioning must begin in earnest. Be assured however, that the Commission remains fully committed to providing the needed regulatory support for the awardees and now Permit Holders to meet their timelines and obligations,” he added.

To ensure disciplined execution, the CCE said the Commission will closely monitor the implementation of milestone development agreements, conduct regular performance reviews, and proactively address emerging barriers.

This approach supports Nigeria’s broader ambition for a cleaner, more resilient energy system and enhances the competitiveness of the upstream petroleum sector.